$200M Development Planned in Buffalo

April 29, 2014 Updated Apr 29, 2014 at 9:36 AM EDT

By Elizabeth Carey

April 29, 2014 Updated Apr 29, 2014 at 9:36 AM EDT

A $200 million development is planned right near the Buffalo Niagara Medical Campus. Business First says developers want to turn Pilgrim Village, which borders the campus, into a residential community with retail and neighborhood services. Business First says McGuire Development and developer Mark Trammell are teaming up on the project, which is now called Campus Square and North Ellicott Commons. Phase one for the 12 acre property calls for a face lift, with 154 new apartments. Other ideas include first floor retail with a grocery store and coffee shop and even a school of music and dance. Developers plan to present the formal plans to the city planning board in July.

After a deep freeze in many markets, there are signs of a turnaround in real estate. Nationally, pending sales of existing homes rose in March for the first time in nine months. The National Association of Realtors says contract signings rose 3.4 points in March, after a dismal winter. Here in Buffalo Niagara, home sales did stall over the cold winter. January sales were down more than 10 percent compared to a year ago and inventory was off double digits. The National Association of Realtors says pending home sales are strongest in the south, where the index gained 5.6 points. They are weakest in the chilly northeast, which only gained 1.4 points. Nationally, sales of existing homes are expected to top 4.9 million this year, down from 5.1 million last year.

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